Jet Airways announced it will temporarily halt operations from April 17 onward after banks rejected the debt-laden carrier's request for emergency funding. Read on to know more about the chain of events before the airline was forced to navigate these choppy skies.
May 2018: In the first signs of trouble, Jet Airways posts an unexpected loss of Rs 1,036 crore in the fourth quarter of the FY18, as against a net profit of Rs 602 crore in the same period a year earlier. This was the company’s first quarterly loss in 11 quarters.
May 2018: Jet Airways’ net worth turns negative.
August 02, 2018: The first reports on the airline considering pay cuts surface.
August 9: Jet Airways’ first quarter results get deferred as the board seeks more clarity from its auditors.
August 13: BSR & Co, an affiliate of KPMG India, refuses to sign on the first quarter results of Jet Airways. The audit firm had raised doubts over the airline’s ability to continue operating.
August 28: The airline reports a loss of Rs 1,323 crore in the first quarter of the year. Its fuel costs shot up by 53 percent. The company starts a cost reduction programme that intends to save Rs 2,000 crore over two years.
September 20: A day after its offices are raided by Income Tax officials, 30 passengers on board its Mumbai-Jaipur flight complain of nose and ear bleeding after its crew fails to activate the aircraft's internal pressure control.
October: Despite threats of ‘non-cooperation’ from pilots, the airline defers the payment of salaries.
October 4: Rating agency ICRA downgrades Jet Airways’ long-term borrowing programme.
October 18: Tatas carry out talks with Naresh Goyal for a possible investment in Jet Airways. But talks with Tatas and Delta Air Lines stall over Goyal’s future role. Prospective investors want Goyal to cede control.
October 19: Jet Airways starts curtailing daily operations. 13 planes are grounded.
November 16: Tata Sons’ board meet to discuss a proposal for Jet Airways. It insists on a no-compete clause from Naresh Goyal. Talks between two sides go slow.
November 19: Ten flights from Mumbai are cancelled. While reports say pilots refused to turn up on duty, the airline blames a “rostering” problem.
November 26: Naresh Goyal resumes talks with Etihad Airways, which already owns a 24 percent stake in Jet Airways.
November 27: The airline promises its pilots that it will clear its dues by March 2019. But the pilots are not convinced.
December 2: More flights are cancelled as pilots call in sick.
December 3: The airline closes services across seven Gulf routes. Up to 40 flights a week are cancelled.
December 31: Jet Airways defaults on debt repayments for the first time.
February 21, 2019: An EGM clears a banks-led resolution plan, including the fresh allotment of shares to lenders.
February 28: By now, Jet Airways is forced to ground about 50 of its aircraft.
March 25: Founder Naresh Goyal and wife Anita step down from the board of the airline.
April 8: Lenders call for expression of interest (EoI). In a twist Goyal also puts forward an EoI. Others including Etihad Airways, TPG Capital, Indigo Partners and NIIF also join the fray.
April 15: CEO Vinay Dube writes to banks for emergency funding of Rs 1,000 crore. But lenders don't budge
April 16: Goyal quits the race, but lenders refuse to give interim funds.April 17:
Jet Airways announce the temporary shutdown of its operations after lenders turn down a request for funds.